Bloomberg Tax & Accounting Enhances Fixed Asset System

Bloomberg Tax & Accounting has added new integration between its fixed asset management system and Bloomberg Tax Workpapers that streamlines asset management and improves data accuracy. This new feature allows customers to leverage self-service automation to prepare, cleanse, and transform data from complex enterprise resource planning data directly into the Bloomberg Tax Fixed Assets system.

The integration enables both import and export functionalities and allows users to effortlessly manage their fixed assets data lifecycle from initial data entry to final analysis and reporting. This capability enhances already robust automation, including automated data extract and G/L reconciliation.

Key benefits of the new integration include:

Automation of data preparation: Automatically cleanses and transforms ERP data for use in the Fixed Assets system, reducing manual effort and the risk of errors.
Enhanced transparency: Provides clear visibility into the data transformation processes, meeting the needs of auditors and risk managers.
Flexibility and control: Offers users control over the amount of time and effort required for data preparation and import, accommodating different business needs.

“Integrating Bloomberg Tax Fixed Assets with our Workpapers software marks a significant step forward in our commitment toward streamlining corporate tax workflows,” said Lisa Fitzpatrick, president of Bloomberg Tax & Accounting. “This enhancement not only saves time, but also increases the accuracy and auditability of fixed assets management.”

The update also includes a new feature for applying cost segregation study results to assets within the Fixed Assets software, enabling the calculation of 481(a) adjustments necessary for Form 3115 compliance. This addition further empowers customers to leverage tax benefits associated with accelerated depreciation, ensuring compliance with IRS regulations.

Bloomberg Tax & Accounting is continually innovating its products to simplify users’ workflows by eliminating manual, time-consuming, error-prone processes. Other new features now available for Bloomberg Tax Fixed Assets users include custom reports, automated reconciliation, and automated export.

For more information and to schedule a demo, visit https://aboutbtax.com/bezv.